July 16, 2024
Surgical Instrument Tracking Market

The Rising Healthcare Expenditure is Driving the Surgical Instrument Tracking Market Trend

Surgical instrument tracking systems provide real-time visibility into the location, status and usage of surgical instruments and assets. These systems help by ensuring accurate counts and prevent retained surgical items by maintaining an accurate instrument count throughout procedures. They enable automated identification and recording of instrument movement within healthcare facilities. With the help of RFID and barcode technologies, these tracking systems help mitigate risks, improve efficiency and reduce costs for healthcare providers.

The global surgical instrument tracking market is estimated to be valued at US$ 357.2 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Rising healthcare spending worldwide has increased the demand for better inventory and asset management across operating rooms and hospitals. Healthcare facilities are under constant pressure to deliver quality care at lower costs. Misplaced surgical items lead to repeat surgeries and lawsuits which increases the overall healthcare expenses. Instrument tracking systems automate counting activities thereby improving staff productivity and efficiency. Their real-time visibility helps reduce time spent searching for instruments. This results in increased OR turnover and higher number of surgeries per day.

Market Key Trends:

One of the key trends in the surgical instrument tracking market is the rising popularity of RFID technologies. RFID uses electromagnetic fields to automatically identify and track tags attached to objects. Compared to manual counting and basic barcodes, RFID tags provide improved accuracy, speed and flexibility. Leading players are focusing on integrating advanced RFID tags in surgical trays and instruments to deliver real-time insights on location and status. This is helping healthcare systems optimize processes, streamline workflows and enhance patient safety standards. The ability of RFID to withstand harsh sterilization methods makes it a preferred choice compared to other technologies in healthcare settings.

Porter’s Analysis

Threat of new entrants: New entrants face high capital requirements for R&D, manufacturing, and marketing of surgical instruments. Established companies also have advantages of brand recognition and customer loyalty.

Bargaining power of buyers: Individual buyers have low bargaining power as surgical instruments are essential. However, large healthcare groups can negotiate on price and quality.

Bargaining power of suppliers: A few major players dominate the supply of key components used in surgical instruments. This gives them significant power over manufacturers.

Threat of new substitutes: There are limited substitute products for many types of specialized surgical instruments. However, some basic instruments can be replaced.

Competitive rivalry: The surgical instrument tracking market is highly fragmented with the presence of several small and large players. Companies compete based on technology, quality, and pricing.

Key Takeaways

The Global Surgical Instrument Tracking Market Size is expected to witness high growth over the forecast period. Factors such as increasing surgical procedures, government regulations on tracking medical devices, and growing preference for ASSET will drive the market. The global surgical instrument tracking market is estimated to be valued at US$ 357.2 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.

Regional analysis: North America dominates the market currently due to stringent regulations and higher healthcare spending. However, Asia Pacific is expected to grow at the fastest pace with increasing medical tourism and healthcare infrastructure development in countries such as China and India.

Key players: Key players operating in the surgical instrument tracking market are Brambles Limited, LOSCAM, Rehrig Pacific Company, CABKA Group, PECO Pallet Inc, The Corrugated Pallet Company, Falkenhahn AG, Millwood Incorporation, Litco International Inc, and Schoeller Allibert. Players are focusing on new product launches and partnerships to gain market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it